Cairo – Mubasher: Orascom Development Egypt (ODE) responded to news about Samih Sawiris selling an 85% stake in Orascom Housing Communities to an unnamed British investment fund.

The company said that negotiations are still ongoing and any other developments will be disclosed in due course, according to a bourse disclosure on Wednesday.

During the first nine months of 2020, ODE reported net profits of EGP 357.4 million, down from EGP 501.2 million in the year-ago period, including minority shareholders’ rights.